Intro

A group of $700$ people have a similar problem. The statistical probability of this problem happening to an individual in their unique group in the next year is $5\%,$ and the average damages are $$20,000.$

Part $1$

Attempt $\frac{1}{1}$

Create an insurance policy for this group, and calculate how much each person in the group would need to pay as a monthly premium to full cover this need.